#1
Ok, so I get what all the pedals do, like wah-wah, distort, noise-compressor, and whatever. But EQ seems to have some weird description. What does it actually do?
#3
It's an equalizer. Think of it as an expanded version of the Bass, Mid, Treble knobs on your amp.

Fractal Axe-Fx Ultra
EBMM JP7 Dargies Delight II
Manuel Rodriguez C Cedar Top
#4
I would say they're used to 'Fine Tune' the Equalization
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Gear:

Mesa Boogie Mini Rec 25
Mesa Boogie Rectifier 2x12 cab

Jackson DK2, DK2M, DKMGT, SLAT3-7, DK1